Greenland Mines completes acquisition of NNSR Holdings for $20M cash plus 1.4M shares; Sarfartoq NPV $2.05B

Greenland Mines Ltd

• Completed merger with NNSR Holdings, acquiring Sarfartoq mineral project in Greenland; consideration $20M cash (net of expenses) plus 1,040,676 common and 359,324 Series R preferred shares.
• Initial Assessment shows pre-tax NPV ~$2.05B and IRR 118.6% (high case) based on ST1 deposit, <1% of 191 sq km license.
• Stockholders approved issuance of up to 40.8M shares on Series C conversion and 691,039 on warrants; also approved 400,000 share increase in 2024 Equity Incentive Plan.
• Series C preferred conversion restricted until Jan 8, 2027 or 5 consecutive days with Nasdaq close ≥$15.00.
• AnorTech receives $1M cash and 70,000 consideration shares as 5% of purchase price under License Purchase Agreement.